Active TopicsActive Topics  Display List of Forum MembersMemberlist  Search The ForumSearch  HelpHelp
  RegisterRegister  LoginLogin
FAR STUDY GROUP
 CPAnet Forum : FAR STUDY GROUP
Subject Topic: Pls explain - Governmental (Becker- MCQ) (Topic Closed Topic Closed) Post ReplyPost New Topic
  
Author
Message << Prev Topic | Next Topic >>
aimedcpa
Newbie
Newbie


Joined: 16 Dec 2008
Location: United States
Online Status: Offline
Posts: 48
Posted: 02 Mar 2010 at 12:21 | IP Logged  

In preparing government-wide financial statements for a governmental entity, interfund receivables and payables between governmental and enterprise funds should:

a.Reported as reservations of fund balance.

b.Reported as additions to or reductions from the unrestricted fund bal.

c.Reported as amount due to or due fromother funds.

d.Reported as internal balances.- ANS

Are these not eliminated??

Pls Explain .............................sumone thanx in advance................

 

Aimedcpa

BEC 83

REG 77

FAR  studying

AUD TBD 

Back to Top View aimedcpa's Profile Search for other posts by aimedcpa
 
aimedcpa
Newbie
Newbie


Joined: 16 Dec 2008
Location: United States
Online Status: Offline
Posts: 48
Posted: 02 Mar 2010 at 16:06 | IP Logged  

No reply .............as yet

Plssssssssssss .....................

Back to Top View aimedcpa's Profile Search for other posts by aimedcpa
 
pearljam10
Major Contributor
Major Contributor


Joined: 28 Jan 2010
Online Status: Offline
Posts: 440
Posted: 02 Mar 2010 at 17:43 | IP Logged  

Enterprize funds are not eliminated.  They treat the person like a customer.  Sales are not eliminated .  They use commercial accounting.  Someone correct me if I am wrong.  Thank you

 

 

Back to Top View pearljam10's Profile Search for other posts by pearljam10
 
meghna
Regular
Regular


Joined: 21 Jun 2009
Location: United States
Online Status: Offline
Posts: 162
Posted: 02 Mar 2010 at 21:31 | IP Logged  

Numerous eliminations and reclassifications are necessary in preparing govt wide financial statements.Thus interfund receivables and payables are eliminated in governmental and bussiness type activities  except for net residual amounts due(Presented as internal balances).However total primary government excludes internal balances...

This is what I found in GLiem..



__________________
Do it.
Back to Top View meghna's Profile Search for other posts by meghna
 



Sorry, you can NOT post a reply.
This topic is closed.


  Post ReplyPost New Topic
Printable version Printable version

Forum Jump
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum

Powered by Web Wiz Forums version 7.9
Copyright ©2001-2010 Web Wiz Guide

This page was generated in 0.1094 seconds.

Copyright © 1996-2016 CPAnet/MizWeb Communities All Rights Reserved
Twitter
|Facebook |CPA Exam Club | About | Contact | Newsletter | Advertise & Promote